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RIYADH: Economic ties between Saudi Arabia and Morocco are set to strengthen, particularly in the area of ​​energy extraction, as an official delegation from the Kingdom visits the northwest African country to explore venues for cooperation.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef began his official visit to Rabat on June 3.

He will lead the royal delegation to the 28th session of the General Assembly of the Arab Organization for Industrial Development, Standardization and Mining, which will be held from June 4 to 6 in the Moroccan capital, the Saudi Press Agency reports.

According to Alkhorayef, they discussed ways to strengthen cooperation in key areas with Moroccan officials. “We also reviewed the promising investment opportunities available in both countries and opened new horizons for a sustainable partnership,” the Saudi minister said.

He added that he reviewed the achievements of Saudi Vision 2030 with a group of Moroccan opinion leaders and economic analysts, focusing on the industrial and mining sectors.

“We also exchanged views on many economic issues, emphasizing the importance of the media and its key role in spreading awareness and achieving development goals,” he said.

Meanwhile, the Minister of Industry spoke with the Moroccan Minister of Energy Transition and Sustainable Development, Leila Benali, and the Moroccan Minister of Economy and Finance, Nadia Fettah. The interlocutors discussed the strengthening of economic cooperation between the two countries.

During the meeting, they also discussed the possibilities of cooperation and partnerships in the mining sector, including the development of the phosphate industry, using the accumulated experience of both countries to increase the competitive advantage of phosphate fertilizers and access new markets.

They also discussed cooperation in regional trade, including overcoming barriers to the import and export of vital minerals in the region, in addition to cooperation in the field of export development and support for the promotion of Saudi exports to Morocco.

The meeting was attended by Khalid bin Saleh Al-Mudaifer, Saudi Deputy Minister of Industry and Mineral Resources for Mining Affairs, and Sami bin Abdullah Al-Saleh, Saudi Ambassador to Morocco.

In addition, Alkhorayef held a meeting with the heads of major mining companies in Morocco, which included some of the country’s most important investors in the sector.

The session focused on strengthening cooperation and reviewing the significant investment opportunities offered by the Saudi mining sector, as well as the services and incentives offered by the Royal Ministry to investors.

The meeting also shed light on the ministry’s efforts and plans to develop the mining sector, which will tap into Saudi Arabia’s vast mineral wealth, estimated at more than SR9.3 trillion (US$2.48 trillion).

In addition, the meeting, which was also attended by Benali, explored the possibilities of cooperation in the field of mining and the exploitation of mineral resources available in both countries.

The meeting, held at Morocco’s Ministry of Energy Transition and Sustainable Development, reviewed Saudi Arabia’s comprehensive metals industry and mining strategy, the mining investment system, and sectoral legislative frameworks and regulations.

In its report, SPA added that Alkhorayef is expected to meet with several government and private sector leaders as well as leaders of mining companies, adding that the minister will visit Moroccan companies and factories to strengthen cooperation in the industrial and mining sectors and explore investment opportunities.

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